Chinese President Xi Jinping and his USA counterpart, Donald Trump, agreed in Buenos Aires Saturday to continue the trade talks between the two countries and stop imposing new tariffs, said Chinese State Councilor and Foreign Minister Wang Yi.
President Trump left the G-20 summit in Argentina with an agreement not to raise tariffs in the next 90 days on Chinese goods, the White House said.
It made the announcement after US President Donald Trump met China's President Xi Jinping for the first time since a trade war erupted this year.
As part of the deal, China also agreed to start purchasing agricultural products from US farmers immediately, the White House said.
Meanwhile Wang Xiaolong, director general of the Foreign Ministry's department of global economic affairs, said negotiations between Chinese and U.S. officials were making some progress. They spoke for around two and a half hours and the discussion ended with Trump agreeing to hold off on raising existing tariffs on $200billion pending new talks. During that time, the United States and China will negotiate a series of reforms, with neither side imposing additional punitive measures on the other.
It's unclear how the market will react to the news, given last week's massive rally. The 10% tariffs have been in place since September, and there's been no meaningful progress on talks since then.
President Trump is meeting with Chinese President Xi Jinping at the G-20 summit in Argentina Saturday afternoon, amid an escalating trade war between the US and China.
Observers feared that if no progress was made at the Trump-Xi dinner, the US president would make good on his threat to double the amount of Chinese goods facing punitive taxes, and escalate tariffs to a 25 percent level at the start of the new year. Trump has threatened to go ahead with that and possibly add tariffs on $267 billion of imports if there is no progress in the talks.
But ahead of what is seen as the most important meeting of US and Chinese leaders in years, both sides said differences remained, and the outcome of the talks were uncertain.
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The Trump-Xi meeting is the marquee event of Trump's whirlwind two-day trip to Argentina for the Group of 20 Summit. The statement offered virtually no concrete promises and, under pressure from US President Donald Trump, avoided language on fighting protectionism and acknowledged Washington's disagreement on battling climate change.
China has already slapped tariffs on $110 billion in USA goods. The world's two biggest economies have also increasingly been at odds over security in the Asia-Pacific region.
The Chinese, as they have done many times before, have also agreed to talk with the administration about their technology transfer and cyber crime concerns - and do more to stop the flow of fentanyl into the U.S.
The exact amount was "not yet agreed upon, but very substantial", according to the White House.
The White House said that Xi would consider approving a possible $44 billion deal for Qualcomm Inc.to purchase NXP Semiconductors NV if it's brought to him again.
Trump had cancelled a scheduled bilateral meeting with Putin in Argentina, but White House spokeswoman Sarah Sanders said the two did have an "informal" conversation when they crossed paths at a summit dinner Friday.
Donald Trump and Xi Jinping each got something out of hitting pause on a trade war that threatens both of their economies, but analysts stressed that the tenuous truce does little to address the core sticking points of their economic rivalry.
The BRICS leaders went further by pushing back against Trump's unilateralist approach and protectionism, saying, "We reaffirm our full support for the rules-based multilateral trading system, as embodied in the WTO, to ensure transparent, non-discriminatory, open and inclusive worldwide trade".